IN THE HIGH COURT OF KERALA AT ERNAKULAM
ITA.No. 298 of 2010()
1. THE COMMISSIONER OF INCOME TAX,
... Petitioner
Vs
1. M/S.APOLLO TYRES LTD,6TH FLOOR,
... Respondent
For Petitioner :SRI.P.K.R.MENON,SR.COUNSEL, GOI(TAXES)
For Respondent : No Appearance
The Hon'ble MR. Justice C.N.RAMACHANDRAN NAIR
The Hon'ble MR. Justice K.SURENDRA MOHAN
Dated :13/10/2010
O R D E R
C .N. RAMACHANDRAN NAIR, &
K. SURENDRA MOHAN, JJ.
--------------------------------------------
I. T. A. No. 298 of 2010
--------------------------------------------
Dated this the 13th day of October, 2010
JUDGMENT
Ramachandran Nair, J.
Heard standing counsel appearing for the revenue. The main
question raised pertains to valuation of closing stock and work-in-
progress. Even though the order of the Tribunal is very brief, we
notice that Tribunal rejected department’s case for the reason that the
assessee made valuation based on accounting standards issued by the
Institute of Chartered Accountants of India. It is seen that the same
valuation is followed for all subsequent assessment years, where
assessments would have been completed. The assessment involved in
this case is for the year 2000-01 and therefore we do not find any
justification to change the system of valuation followed by the assessee
for the last nine years. We therefore reject the appeal on this issue.
The second question raised pertains to addition of Rs. 25 lakhs on
account of disallowance which was reduced and sustained by the
Tribunal at Rs. 10 lakhs. We feel this question pertains to only finding
ITA 298 of 2010 2
on fact and is not a substantial question of law. We therefore decline to
interfere in the matter. Consequently the appeal filed by the revenue is
dismissed.
(C.N.RAMACHANDRAN NAIR)
Judge.
(K. SURENDRA MOHAN)
Judge.
kk ITA 298 of 2010 3